Rec'v Reaffirmation Papers....Is Ride Thru Possible?

[cfgdag]

I plan to call my attorney later this morning regarding the reaffirmation papers I rec'd in the mail Saturday for our vehicles and our home equity line of credit. But, I wanted to ask opinions on if it seems we could do a ride thru for the vehicles. We live in Arizona and are dealing with a Credit Union for all loans.

First, let me say we are NOT reaffirming the home equity line of credit. We also plan to NOT reaffirm one of our vehicles but are unsure on the other.

So as I said, we got the reaffirmation papers over the weekend. I figured we would have two choices regarding the vehicles: 1. Sign Reaffirmation Papers 2. Surrender Vehicles to Lender. However, after reading the reaffirmation papers it seems we may be able to do a ride thru. Both, the papers from my attorney AND from the lender lead me to think this (I have underlined those areas).

Letter from Attorney:
"If you wish to retain the vehicles, or either one, and reaffirm the debt, you both need to sign the applicable Agreement and return it to me. As for the home equity loan, I do not recomment reaffirming it, but if you intend to keep the home, you must keep your payments current. Likewise with your car payments."

Reaffirmation Paperwork from Lender:
Even if you do not reaffirm and your personal liability on the debt is discharged, because of the lien your creditor may still have the right to take the security property if you do not pay the debt or default on it.

I have read the reaffirmation papers frontwards and backwards and no where does it state we would have to surrender the vehicle if the reaffirmation papers are not signed.

So by what it stated above, as long as we keep paying we will be able to retain the vehicles, without signing the reaffirmation papers???

[aces67]

That's something you'll have to ask your lawyer about to be sure. Our lawyer said we could only do a ride thru IF the finance company didn't send or offer reaffirmation. He said if they offered then we had to either reaffirm or surrender.

[lookingforward]

GMAC did send paperwork to my lawyer to reaffirm, we reaffirmed one vehicle, decided to let the other go, signed the paperwork, sent it back in.

Then GMAC decided not to file the paperwork and now we are doing a ride through. So anything can happen I guess.

[kenshirley]

We are also in AZ.
We reaffirmed our car last Spring without a problem but recently while talking with our attorney about BK for our daughter and son-in-law he told them that the judge is not allowing much in the way of reaffirmations now.
You just stay current on the payments on the car and you will own it someday.
The problem with doing that according to him is that if you are even one day late they can come and pick it up if they want it.